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New NYC agency offers tantalizing underwriter slots; finance and authority's muni bond promise lures firms; could pay off for Goldman. (Goldman Sachs & Co.)
Crain's New York Business, January, 1997 by Birger, Jon S.
With the state Legislature close to approving a new city financing authority, Wall Street investment banks have begun jockeying for bond underwriting assignments. Creating the new agency - to be named the New York City Finance Authority - would allow the city to circumvent its constitutional debt limit, which now stands at about $31 billion.
The city is expected to hit the cap this spring and may have to curtail its $13 billion capital spending plan. But sources close to the negotiations say the Legislature and the Giuliani administration are nearing an agreement, which mirrors a plan advanced by Assembly Speaker Sheldon Silver in December. Under Mr. Silver's proposal, the Legislature would back a constitutional amendment raising the debt cap. Since that process...
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